DOJ forms energy price fraud working group to monitor markets

Nick Snow
OGJ Washington Editor

WASHINGTON, DC, Apr. 25 – The US Department of Justice formed an oil and gas price fraud working group to monitor oil and gas markets for potential legal violations, US Attorney General Eric H. Holder Jr. announced.

“Rapidly rising gasoline prices are pinching the pockets of consumers across the country,” Holder said Apr. 21. “We will be vigilant in monitoring the oil and gas markets for any wrongdoing so that consumers can be confident they are not paying higher prices as a result of illegal activity.”

He said that the working group will include representatives from DOJ, the National Association of Attorneys General, the US Commodity Futures Trading Commission, the Federal Trade Commission, the US Department of the Treasury, the Federal Reserve Board, and the US Securities and Exchange Commission, as well as the US Departments of Agriculture and Energy.

Holder noted that US President Barack Obama asked him in March to work with federal and state agencies to monitor whether any oil and gas prices have been manipulated.

The new working group will look for any evidence of collusion, fraud, or misrepresentations that violate state or federal laws and harm consumers or the federal government.

Contact Nick Snow at nicks@pennwell.com

Related Articles

MARKET WATCH: Brent oil futures prices fall as China’s factory output slows in August

09/16/2014 Crude oil futures rose modestly on the New York market on Sept. 15 while Brent fell modestly on the London market. Meanwhile, China released an eco...

Uneven effects seen from new Appalachian pipelines

09/15/2014 Producers in the Appalachian basin will benefit unevenly from markets opening for natural gas from the Marcellus and Utica shales, according to a C...

AAPG ICE: ExxonMobil outlines international approach to unconventional development

09/15/2014 Global energy demand is expected to increase 35% to 2040, translating to 120 billion boe/year, or nearly 350 million boe/d, stated Rocky Becker, vi...

MARKET WATCH: Oil futures prices down on more US sanctions against Russia

09/15/2014 Oil futures prices dropped on the New York and London markets on Sept. 12, ending a volatile week in which traders reacted to reduced oil demand fo...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected